Introducing the $7.76 Big Mac

Would you pay $7 for a Big Mac?

If you took your U.S. dollars to Norway, that's how deep the exchange rate would set you back. There, a McDonald's(MCD) Big Mac costs 48 Norwegian kroner, which translates to $7.76 in U.S. dollars.

That makes the krone the most "puffed-up currency" in The Economist's iconic Big Mac index. The magazine created the unofficial economic indicator in 1986 as a lighthearted way to compare currencies and buying power around the world.

According to its latest iteration of the index, released Thursday, Norway's currency is overvalued. There, you pay 62% more than you would in the United States, to get essentially the same product.

So which country has the cheapest Big Mac? It used to be India with it's Big Mac substitute, the Maharaja Mac -- a chicken sandwich. This year though, Ukraine takes that distinction, as political turmoil depresses the value of its currency. There, you can buy a Big Mac for just $1.63, once you transfer your dollars into hryvnia.